I'm pretty sure the dollar finished a secular bull market that lasted about 14 years, I guess. Back in late 2022, it started a bear market move. We started this leg down here around the beginning of July, and coincidentally, that's when gold started the rally that broke out above the $2450-ish resistance zone and pushed up to, I believe, about $2570-ish. It's been in a sideways consolidation since then.
I think it's about ready to break out above that pretty soon. But for contrarians, at least, I think most of us are expecting the dollar to rally off of this support zone at this pivot. We've got another one a little lower, and of course, we've got the 200-week moving average right here. So, contrarians like me expect a rally from this support zone. But I'm wondering if I might be wrong on this one, and here's why...
Gary Savage is a 57-year-old retired entrepreneur living in Las Vegas. He has been investing in stocks and commodities for 15+ years. He is a self-made multi-millionaire and attributes his financial success to savvy investments made in owning/selling several businesses, real estate, and, more recently, the stock market. He is also an Olympic weightlifting champion, and world record holder. Gary’s stock market investment philosophy and success owes to an unusually disciplined and keen understanding of market cycles combined with cutting edge sentiment data which allows him to anticipate and articulate how larger trends are likely to unfold. His analysis is almost always in strong contrast to what the public is thinking – and, provocatively, several steps ahead of the crowd. Gary’s renown as a recognized trading/investment expert in the areas of precious metals, stock market, oil and currency markets is demonstrated by his numerous internationally published articles in these market areas. Gary publishes the Smart Money Tracker, a market newsletter available online by subscription only, and also the SMT free blog.
